Ask Paula: My Income Is Dropping From $190,000 to $40,000; What Should I Do?
Afford Anything
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Is It Worth the Trouble to Take Out a New, Smaller Mortgage?
Paulam: My assumption is that it's probably too big of a mortgage for her future salary to support. What i'm talking about is taking the money and paying that off, and maybe then taking out a new mortgage that is much smaller. And when she has those numbers, then you can start to determine if that's going to materially change her situation or not. Will it make a difference? Is it worth all the trouble to go through to take that money out to do it again? I don't know, i don't know.
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